Quest Electricity to Inject N28bn Into Yola Disco

Image

By Adedapo Adesanya

The sum of N28 billion is to be injected into Yola Electricity Distribution Company (YEDC) over a period of two years, the Bureau of Public Entreprises (BPE) has said.

Yola Disco was recently acquired by Quest Electricity Nigeria for N19 billion and the company is preparing to use its expertise to transform the energy firm.

The Director-General of the BPE, Mr Alex Okoh, in a statement signed by Mrs Amina Othman, the agency’s Head of Public Communications, said the new investor was committed to improving the quality of life of the inhabitants in the North-East geopolitical zone through an aggressive investment drive, thereby providing an economic tool for combating the insurgency in the region.

The DG said this investment would be utilised to carry out an extensive upgrade of the company’s electricity distribution network, adding that it was expected that the investment would deliver results within a five-year period.

Mr Okoh said the results included a reduction in Aggregate Technical, Commercial, and Collections (ATC & C) losses from the current level of 80 per cent, which was the highest in the industry, to 29 per cent which translated to a 51 per cent loss reduction.

He stated that the customer base increased from 396,650 to 596,650, a 50 per cent growth and a significant increase in energy supplied from 1,305 Gigawatt.

Yola Disco is the distribution company responsible for the distribution of energy to Adamawa, Taraba, Borno, and Yobe states of Nigeria.

With the successful conclusion of the privatization process on the power sector, the organisation was formally privatized on November 1, 2013.

The BPE had recently disclosed that the federal government plans to concession 36 state-owned assets, citing that the concession of Calabar and Kano Free Trade Zones would equally boost the country’s revenue.

Share
Related Stories
Image
01-March-2024

FX Crisis: Nigeria May Slam $10bn Fine on Binance

By Adedapo Adesanya The Nigerian government may be considering a $10 billion fine on Binance, a crypto exchange platform, amid a crackdown on crypto platforms in desperate moves to restore the nation’s battered foreign exchange (FX) market. This information was disclosed by Mr Bayo Onanuga, who is the Special Adviser on Information and Strategy to President Bola Tinubu, in an interview with the British Broadcasting Corporation (BBC) on Friday morning. According to the President’s aide, this was necessary as the Nigerian government believes Binance profited substantially from its “illegal transactions” in the country while the nation suffered huge losses. Mr

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
03-March-2024

Dangote Cement’s African Subsidiaries Contribute 41.2% to FY 2023 Sales

By Dipo Olowookere Dangote Cement Plc has revealed that sales from its factories outside Nigeria, its base, improved in the 2023 fiscal year by 12.7 per cent, contributing about 41.2 per cent to its total volume for the period under review, with its Nigerian operations accounting for the rest. In its audited financial statements for the year ended December 31, 2023, filed to the Nigerian Exchange (NGX) Limited, the cement maker said revenue generated from its pan-African operations increased by a record 123.2 percent to N925.9 billion, while EBITDA surged by over four-fold to N263.7 billion. Business Post reports that

Image
01-March-2024

How to Protect Your Crypto From Scams, Hacks

In 2023, it is estimated around $2 billion was lost by investors to scams, rug pulls and hacks. Although the technology is becoming more secure and stable and many users are more aware of the tricks used to steal assets, there are still ways for thieves to extract your crypto if you aren’t careful.   Experts at Smart Betting Guide have provided a guide on the best ways to keep your crypto safe in 2024.  1. Do not store your password and seed phrase on the Cloud   For many people, the best and most convenient way to access crypto is through

More Stories
Image
05-July-2023

NEMA, Nigerian Air Force to Help Flood Victims

By Adedapo Adesanya As Nigeria enters full rainy season mode, the National Emergency Management Agency (NEMA) and the Nigerian Air Force have strengthened existing partnerships between them in the areas of disaster management. This was the crux of the Director General (NEMA), Mr Mustapha Habib Ahmed’s visit to the Chief of Air Staff at the Nigerian Air Force (NAF) headquarters in Abuja. The NEMA DG, who led a team of some directors of the agency, including the Director of Relief and Rehabilitation, Mr Alhassan Nuhu; the Director of Disaster Risk Reduction, Mr Daniel Obot; the Special Assistant to the DG,

Image
21-April-2017

Man United Mourn Victims of Calabar Tragedy

By Dipo Olowookere English football club, Manchester United, have expressed condolences to families of those who died in Calabar, Cross River State, Nigeria on Thursday night. It was reported that during the UEFA Europa League quarter-final match between the Red Devils and a Belgian outfit, Anderlecht, last night, some football lovers, who were watching the match at a viewing centre, were electrocuted to death. It was gathered that a high tension cable fell on the roof of the viewing centre and electrocuted over 30 persons to death. In a tweet via its official Twitter handle on Friday, Manchester United condoled

Image
19-May-2021

IBM Launches New AI to Boost Business Productivity

By Adedapo Adesanya Global technology giant, IBM, has launched Watson Orchestrate, a new interactive Artificial Intelligence (AI) capability designed to increase the personal productivity of business professionals across sales, human resources, operations and more. This was announced by IBM Chairman and Chief Executive Officer, Mr Arvind Krishna at the company’s Think 2021 conference. Requiring no Information Technology (IT) skills to use, Watson Orchestrate enables professionals to initiate work in a very human way, using collaboration tools such as Slack and email in natural language. It also connects to popular business applications like Salesforce, SAP and Workday®. Watson Orchestrate uses a

Image
11-May-2017

2017 World Hydropower Congress Opens in Addis Ababa

By Dipo Olowookere The 6th World Hydropower Congress (WHC) kicked-off in Addis Ababa, Ethiopia, on Wednesday with Acting Economic Commission for Africa (ECA) Executive Secretary, Abdalla Hamdok, calling on the continent to come up with strong and coherent policies to promote faster and more inclusive growth through the optimal use of hydropower and other sources of renewable energy. Mr Hamdok said with more than 600 million people in Africa living without access to electricity and households continuing to rely on traditional biomass for cooking, it was pertinent for Africa to tap into its vast renewable energy sources. “With clear vision

Image
26-March-2018

Stock Watch: Top Recommendations for the Week (March 26)

By Dipo Olowookere Last week, the Nigerian Stock Exchange (NSE) closed the week on negative note, losing 0.39 percent to further trim the YtD returns to 8.4 percent. However, the market breadth remained positive with 33 price gainers and 24 price losers. The market sentiment remained much better than earlier sessions last week and there are strong indications that today, the huge renewed appetite for banking stocks will remain positive. Last week, UBA released its FY’17 results with top and bottom line up 20 percent to N462 billion and 9 percent to N79 billion. The lender proposed a final dividend

Image
05-February-2024

Protest Erupts in Minna Over Rising Cost of Food, Others

By Aduragbemi Omiyale Some residents of Minna, the Niger State capital, blocked some major roads in the town to stage a protest over the rising cost of food and others. The demonstrators, who were mainly women and youths, carried placards with various inscriptions to call on the government to urgently address the rising inflation in the country. The National Bureau of Statistics (NBS) last month disclosed that the inflation rate in December 2023 increased by 28.92 per cent as a result of a spike in the prices of food items. Since President Bola Tinubu assumed office in May 2023, the

Image
19-April-2018

Oando Shares Resume Trading on Johannesburg Stock Exchange

By Dipo Olowookere The technical suspension placed on shares of Oando Plc by the management of the Johannesburg Stock Exchange (JSE) has been lifted. The JSE had placed the embargo on Oando following a similar action on the energy group in October 2017 by the Nigerian Stock Exchange (NSE) after a directive from the Securities and Exchange Commission (SEC). But last week, the Nigerian capital market regulator removed the ban, allowing Oando shares to experience price movements. In a notice to shareholders of Oando, the JSE explained that it was lifting the ban after its Nigerian counterpart had done so.

Ad
Ad
Recent Stories
Image
03-March-2024

Dangote Cement’s African Subsidiaries Contribute 41.2% to FY 2023 Sales

By Dipo Olowookere Dangote Cement Plc has revealed that sales from its factories outside Nigeria, its base, improved in the 2023 fiscal year by 12.7 per cent, contributing about 41.2 per cent to its total volume for the period under review, with its Nigerian operations accounting for the rest. In its audited financial statements for the year ended December 31, 2023, filed to the Nigerian Exchange (NGX) Limited, the cement maker said revenue generated from its pan-African operations increased by a record 123.2 percent to N925.9 billion, while EBITDA surged by over four-fold to N263.7 billion. Business Post reports that

Image
03-March-2024

Nigeria Pays N1trn Monthly Subsidy to Keep Petrol at N650/Litre

By Aduragbemi Omiyale Despite the federal government claiming it has stopped the payment of subsidies on premium motor spirit (PMS), well-known as petrol, more people are countering this. Recall that a few weeks ago, the International Monetary Fund (IMF) said the government had returned fuel subsidies through the backdoor and kept Nigerians in the dark about this. It then advised the government of President Bola Tinubu, which announced an end to it on May 29, 2023, to completely stop the payment as it was increasing his administration’s fiscal deficit. The global lender, in a report released last month, said the

Image
02-March-2024

JUST IN: Nollywood Star Mr Ibu Dies

By Modupe Gbadeyanka Information just reaching Business Post indicates that popular Nigerian actor, Mr John Okafor, otherwise known as Mr Ibu, is dead. It was gathered that the Nollywood star breathed his last on Saturday in a hospital in Lagos. His demise comes a day after the Nigeria film industry lost an actor, Mr Tolani Quadri Oyebamiji, well-known as Sisi Quadri. Mr Ibu underwent a surgery, which led to the amputation of one of his legs. He was later discharged from the hospital, but was reportedly taken back. Until his death, he acted in several movies. He was well known

Image
02-March-2024

African Bishops Seek Overhaul of Financial System as Debt Burden Worsens

African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces. Ahead of a gathering of African Finance Ministers in Victoria Falls, Zimbabwe, the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) outlined reforms for debt relief, development resources and governance. “In Sub-Saharan Africa the number of people facing food insecurity stress or crisis has more than doubled since 2019, reaching 420 million people last year,” noted the bishops in a statement. A delegation representing the African Bishops and religious

Image
02-March-2024

MTF Class of 2023 to Premiere Her Dark Past, Grown

By Modupe Gbadeyanka Two feature films will be premiered this weekend exclusively on the Africa Magic Showcase channel 151 and Africa Magic Urban channel 153 by the students of the MultiChoice Talent Factory (MTF). The two pieces of art titled Grown and Her Dark Past are the final projects of the MTF Class of 2023 students, a statement from the organisation said. The MTF is a leading film school in West Africa for young, talented and passionate filmmakers. It was established by the media platform to grow the region’s creative industry. Grown premieres on Africa Magic Showcase at 8.30 pm

Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of